BUY USDINR JAN @ 85.75 SL 85.65 TGT 85.85-85.95 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 85.61-85.93.
Rupee remained in range pressured by a spike in dollar demand while strong intervention by RBI helped to pare its losses.
India's current account gap narrows to 1.2% of GDP in July-Sept, central bank says
India's merchandise trade deficit widened to $75.3 billion during July-September, from $64.5 billion in the year-ago period.
BUY USDINR JAN @ 85.75 SL 85.65 TGT 85.85-85.95.
EURINR
Observations
EURINR trading range for the day is 89.28-89.86.
Euro remained in range as Spanish inflation data fueled expectations of gradual ECB rate cuts.
Spain’s consumer prices rose 2.8% year-on-year in December, up from 2.4% in November.
ECB does not need to keep interest rates at a restrictive level, which curbs the economy, when inflation momentum is at 2%
SELL EURINR JAN @ 89.65 SL 89.85 TGT 89.45-89.25.
GBPINR
Observations
GBPINR trading range for the day is 107.56-108.24.
GBP remained steadied as investors scaled back positions amid uncertainty about monetary policy for the coming year
UK wage growth accelerated in the three months to October and inflation rose to 2.6% in November
The UK economy showed signs of strain, with GDP flat lining in the third quarter
SELL GBPINR JAN @ 108.1 SL 108.3 TGT 107.8-107.6.
JPYINR
Observations
JPYINR trading range for the day is 54.32-55.
JPY steadied as investors assessed the Bank of Japan's interest rate outlook.
BOJ policymakers discussed the possibility of raising interest rates in the near future, with some arguing that conditions were ripe for such a move.
The au Jibun Bank Japan Manufacturing PMI stood at 49.6 in December 2024, slightly above the flash estimate of 49.5.
BUY JPYINR JAN @ 54.5 SL 54.3 TGT 54.7-5490.
